TeraWulf expands AI push with $9.5 billion Google-backed Fluidstack joint venture as stock jumps 25%
TeraWulf formed a $9.5 billion joint venture with Fluidstack, backed by Google, to build a 168 MW AI data center, causing its stock to jump 25%.Summary
TeraWulf, a major public bitcoin miner, is significantly expanding its focus on AI infrastructure by entering a joint venture with AI cloud platform Fluidstack to develop a 168-megawatt data center in Abernathy, Texas. This project is supported by a $1.3 billion lease-backing commitment from Google and represents roughly $9.5 billion in contracted revenue over a 25-year hosting agreement, giving TeraWulf a 51% ownership stake. The facility, expected to be completed in the second half of 2026, will serve workloads for frontier-scale foundation models and will be financed via project-level debt secured by Google's lease obligations. This follows a previous expansion at TeraWulf's Lake Mariner facility, also supported by Google. The news coincided with TeraWulf releasing preliminary Q3 results showing significant year-over-year revenue growth, leading Oppenheimer to initiate coverage with an outperform rating, and causing TeraWulf's stock to surge approximately 25% in early trading.
(Source：The Block)